Business Property - How is business personal property valued?

North Carolina counties use the North Carolina Department of Revenue's Cost Index and Depreciation Schedules to value business personal property.

Businesses report the historical cost of their property along with the year it was acquired. That information is used to calculate the current taxable value by trending the cost to today’s dollars and applying depreciation. In most cases, this results in a value based on replacement cost new, less depreciation.

Business personal property is taxed at the same rate as real property. Property tax bills are mailed beginning in July and must be paid in full by January 5 to avoid interest, fees, and additional costs.